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The Yomiuri Shimbun
G-20 nations must coordinate policies to stabilize global financial markets
Ｇ２０と政策協調　市場安定へ行動が求められる

Can the current turmoil in global financial markets be contained by the latest moves of the Group of 20 countries? The developed and emerging market economies must coordinate their policies effectively to achieve this goal.
　世界的な金融市場の混乱を、これで抑えられるか。先進国と新興国は政策協調を実効あるものとしなくてはならない。

A conference of the G-20 finance ministers and central bank governors ended on Saturday. A joint communique adopted at the conference included the grim perception that “Downside risks and vulnerabilities have risen” for the global economy.
　主要２０か国・地域（Ｇ２０）財務相・中央銀行総裁会議が閉幕した。採択された共同声明は、「世界経済の下方リスクと脆弱ぜいじゃく性が高まっている」とする厳しい認識を示した。

Based on this recognition, the G-20 countries expressed their strong resolve in the communique to “use all policy tools — monetary, fiscal and structural — individually and collectively” to check the global economy from stalling.
　そのうえで、世界経済の失速回避に向けて、金融政策や構造改革、財政出動といった「全ての政策手段を総合的に用いる」との強い決意を表明した。

The world economy has been shrouded in a number of destabilizing factors, such as the slowdown in China’s economic growth, a drop in crude oil prices, and capital flows out of emerging market economies in the wake of the recent U.S. interest rate hike.
　世界経済は、中国の成長鈍化や原油安、米国の利上げに伴う新興国からの資金流出など、多くの不安要因に覆われている。

It is noteworthy that the G-20 countries shared a sense of alarm and came up with a stance of jointly tackling these challenges to realize market stabilization.
　Ｇ２０が危機感を共有し、市場の安定化へ協調して臨む姿勢を打ち出したことは評価できよう。

The G-20 countries agreed on the view that excessive movement in exchange rates can adversely affect the world economy. They also reaffirmed that they will refrain from competitive devaluations of currencies to promote their exports. The communique thus took into consideration the concern in the market over the yen’s excessive rise and China’s devaluation of the yuan.
　各国は、過度な為替の変動が経済に悪影響を及ぼすとの見解で一致した。輸出促進のために自国通貨を切り下げる「通貨安競争」を避けることも確認した。行き過ぎた円高や、人民元切り下げを懸念する市場に配慮した形だ。

The focal point of the conference was whether China, chair of the conference and a country reckoned to be the epicenter of market confusion, can send an effective message to calm the market turmoil.
　会議の焦点は、市場の混乱の震源地とされる議長国・中国が、動揺を鎮めるのに有効なメッセージを発信できるかどうかだった。

Trying to calm fears

People’s Bank of China Gov. Zhou Xiaochuan sought to ease the distrust of the market by saying at a press conference, among other things, that the bank would take additional monetary-easing measures. The press conference was, unusually, held ahead of the opening of the G-20 conference. Chinese Prime Minister Li Keqiang also made clear the country’s policy of promoting structural reforms.
　中国人民銀行の周小川総裁は、開会前に異例の記者会見を開いて追加の金融緩和策に言及するなど、市場の不信感を和らげるのに懸命だった。李克強首相も構造改革を進める方針を表明した。

However, just emphasizing a reform-promoting stance will not be enough to eliminate deep-rooted concerns about China’s economic prospects. The country will be required to specify the policy course it will take.
　だが、中国経済の先行きへの根深い不安を払拭するには、改革姿勢を強調するだけでは足りない。今後の政策の道筋を市場に明示することが求められよう。

It is reasonable that Finance Minister Taro Aso said, “Chinese authorities need to present a structural reform plan with a concrete schedule.”
　麻生財務相が「具体的なスケジュールを伴った構造改革のプランを示す必要がある」と注文をつけたのは、もっともだ。

In dealing with challenges such as reducing excess production capacity and reorganizing state-owned enterprises, the ability to act to carry through painful reforms is vitally needed.
　過剰設備の解消や国有企業の再編など、痛みを伴う改革をやり抜く行動力が欠かせない。

It is also appropriate that the communique clearly stated, “We will clearly communicate our policy actions to minimize negative spillovers,” apparently taking into account such countries as the United States, which is exploring ways to make an additional interest rate hike.
　声明が、追加利上げを模索する米国などを念頭に、「政策の負の波及効果を最小化するため、明確にコミュニケーションを行う」と明記したのも妥当である。

We hope G-20 countries make policy decisions carefully by also paying attention to the possible ill effects of interest rate hikes, such as an exodus of capital from emerging economies.
　新興国からの資金流出など、利上げの悪影響にも目配りしながら慎重な政策判断をしてほしい。

The vulnerability of Europe’s financial system was also taken up for discussion at the conference. European countries need to throw their energy into accelerating their disposal of nonperforming loans and implementing structural reforms to vitalize their economies.
　会議では欧州の金融システムの脆弱性も議論された。不良債権処理の加速や、経済を活性化する構造改革に力を注ぐ必要がある。

Japan explained to other G-20 countries that it will get the nation out of deflation with its negative interest rate policy. It is imperative to realize an economic recovery led by domestic demand while pushing through growth strategies.
　日本は、マイナス金利政策でデフレ脱却を図る考えを説明した。成長戦略を進め、内需主導の景気回復を実現することが急務だ。

(From The Yomiuri Shimbun, Feb. 28, 2016)